While most companies contemplating an initial public offering hedge their bets across multiple exchanges and jurisdictions, Ledger has taken the decidedly unambiguous approach of declaring “It’s in the US or no IPO“—a stance that reflects either supreme confidence in American capital markets or a remarkable willingness to forfeit alternative pathways to public liquidity.
The hardware wallet manufacturer’s CEO has effectively dismissed European alternatives like Euronext, betting instead on the depth and sophistication of US markets. This calculated gamble appears less reckless when considering Ledger’s impressive fundamentals: 8 million devices sold globally (priced between €79 and €399), a balanced revenue split between hardware and software services, and a current valuation hovering around $1.4 billion.
Perhaps more compelling than these metrics is Ledger’s financial war chest—$575 million raised across six funding rounds, with heavyweight backers including Samsung, Digital Currency Group, and Morgan Creek Capital Management. The company’s 65 institutional investors presumably didn’t write checks expecting geographical myopia; rather, they likely recognize that US markets offer unparalleled liquidity for crypto-adjacent enterprises.
Ledger’s $575 million war chest and 65 institutional backers signal unwavering confidence in America’s unmatched crypto market liquidity.
The timing certainly favors Ledger’s audacious strategy. Circle’s successful NYSE debut has effectively broken the ice for crypto public offerings, while regulatory clarity under the current administration has reduced (though not eliminated) the Byzantine uncertainty that previously plagued digital asset companies.
The recovering crypto market and surging institutional interest in custody solutions create an almost theatrical backdrop for Ledger’s IPO aspirations. Ledger’s hardware wallets serve as crucial infrastructure for the growing DeFi ecosystem, enabling users to securely interact with smart contracts while maintaining control of their private keys.
Yet Ledger’s ambitions extend beyond mere crypto hardware. The company’s pivot toward cybersecurity represents a shrewd diversification play—positioning itself within the broader US tech ecosystem rather than remaining tethered to crypto’s notorious volatility. This strategic evolution may explain why European exchanges, despite their proximity and regulatory familiarity, simply cannot provide the requisite platform for Ledger’s transformation. The company’s remarkable market penetration becomes clear when considering that more than 20% of global crypto assets are protected through Ledger wallets, demonstrating the scale of trust already established with institutional and retail users alike. The platform’s comprehensive approach extends beyond simple storage, as Ledger Live App enables users to manage over 5000 tokens and integrate with DeFi applications directly from their devices.
The three-year timeline the CEO has established suggests careful preparation rather than opportunistic timing. With profitability already achieved and institutional backing secured, Ledger appears positioned to execute its American dream—assuming, of course, that US markets remain receptive to crypto companies bold enough to demand exclusivity.
